https://www.taxtmi.com/caselaws?id=264234 The Tribunal held that the activities of the assessees, improvement trusts established under the Punjab Towns Improvement Trusts Act, qualified as "general public utility" under Section 2(15) of the Income Tax Act, 1961. It was determined that the assessees' activities were not in the nature of trade, commerce, or business with a profit motive, but rather aimed at planned development for the public good. As a result, the assessees were deemed entitled to exemption under Section 11 of the Income Tax Act. The Tribunal also ruled that the amendments to Section 2(15) introduced by the Finance Act, 2015, did not apply retroactively to the assessment years in question. The appeals of the assessees were allowed, and those of the Assessing Officer were dismissed. en-us Thu, 10 Sep 2015 00:00:00 +0530 Sat, 30 Apr 2016 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264234 The Tribunal held that the activities of the assessees, improvement trusts established under the Punjab Towns Improvement Trusts Act, qualified as "general public utility" under Section 2(15) of the Income Tax Act, 1961. It was determined that the assessees' activities were not in the nature of trade, commerce, or business with a profit motive, but rather aimed at planned development for the public good. As a result, the assessees were deemed entitled to exemption under Section 11 of the Income Tax Act. The Tribunal also ruled that the amendments to Section 2(15) introduced by the Finance Act, 2015, did not apply retroactively to the assessment years in question. The appeals of the assessees were allowed, and those of the Assessing Officer were dismissed. Case-Laws Income Tax Thu, 10 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264234